Apartment prices at towers in Tirana total 10,000 euros/m2

In recent years, Tirana has been experiencing a deep urban transformation with a boom of construction, where attention has shifted to the development of multistory towers.

Currently, not only areas such as the former Block or the historic centre of the capital, but also state property at the Paris municipality, the Faculty of Construction Engineering and public buildings transferred as the former Telegraph News Agency (ATSH) or areas near Artificial Lake are expected to be converted into construction sites for facilities that will reach 40 floors.

According to Imobiliare agencies, apartment sales prices in one of the luxury projects expected to start -- in the area near Artificial Lake -- have reached 10,000 euros per square metre, an absolute record for the Albanian market.

According to developers contacted by the Monitor, prices reflect the high standard of these entities, which are destined for a highly selected group of elite buyers, such as foreign investors and individuals with strong economic potential on the global market.

According to them, apartments in these towers are no longer merely residential units, but are conceived as residential suites, large, sophisticated environments, designed with modern architecture, and first - class construction materials.

These projects provide not only panoramic views and modern construction technology, high security against natural disasters, but also <x0mium <x0mium” services, including the brands of Europe's best-known hotel, modern shopping stores for goods and luxury items, such as elevators dedicated to emergency fire, altitudes of up to 4m, and combined spaces of international standards.

Acceleration of price hikes

The rising price of residence in the tower has been progressive. Prior to the sales price of 10,000 euros per square metre -- highest for sale in the capital -- in the first stages of the tower development were marked in 2022-2023.

At the “book Building” Tower after Tirana's clock, in 20225023, apartments were sold at prices starting at 5,000 euros per square metre, according to sales office data for Monitor.

At the facility near the presidency, initial prices ranged from 4,000 to 4,800 euros per square metre.

At “Rainbow Center” (a 7-story building, where its first two floors function as a shopping mall), in the former Block, prices reached 5,000 euros per square metre.

At “Eyes of Tirana”, in the first phase of construction, prices for residences sold over 3,500 euros per square metre, while for commercial facilities above 6,000 euros -8, 000 euros per square metre.

According to data for 2025, among the most expensive areas remain the “Brigada” route in the former Block area, where the price of apartments amounts to 5,000 euros per square metre, for one of the facilities in the development phase.

How does Tirana compare with the capitals of the Western Balkans?

For selling luxury property, Tirana has already surpassed the average prices of the main Western Balkan capital, compared only to rare transactions in the region. A record 11,811 euros per square metre in Belgrade is registered, according to Serbia's “real estate prices 2025: Forecast” The report shows that Belgrade's historic centre remains the most expensive area, at average prices per square metre in new developments reached 3,941 euros, while the average for old buildings was 3,349 euros.

While in Croatia only luxury coastal residences, prices range up to 8,000 euros per square metre, according to Stella Dhumi from “Cilliers International Albania”.

In Montenegro, prices prior to the financial crisis and war in Ukraine reached another 10,000 euros per square metre, but then dropped significantly with the loss of the Russian market. Currently, prices are down to 5,000,5007,000 euros per square metre.

The market prices reflect demand, economic development and purchasing power. Albania, along with Bosnia, traditionally offered more affordable prices, but in Tirana we are seeing an exception because of the demand focused on elite projects”, Mrs. Dhumi highlights.

Is Tirana leaving the reality of the domestic market?

Real estate market experts point out that this rate of prices in a market with even lower average incomes than the region opens valid discussions on sustainability for domestic buyers and the potential for urban development in ways to benefit from new demand and new market dynamics.

With luxury construction going beyond the residential post, Tirana appears to be focusing on super-level developments, with a focus on elite buyers and foreign investors, while housing demand is only reaching the periphery areas.

Sale prices in some of the peripheral areas from Paspudan to Shkoza range from 900 to 1,400 euros per square metre.

For 3-4 years, according to real estate market agents, residences within the yellow construction area are offered at prices of sales of over 1,500 euros per square metre.

While in the centre's areas and within the Little Ring, there are no more apartments with prices of under 2,000 euros per square metre.

And according to the Fischer Index estimated by the Bank of Albania estimates that housing prices were returned to rapid growth in the second quarter of 2024.

The Fischer Index showed that the average price of residences sold over the period rose 23.6% compared to the previous six months, and by 44.5% year-on-year.

During the second quarter of 2024, about 18% of the houses sold were reported purchased by non-resident citizens.

Of these, about 77% result from citizens of EU countries. In all, the weight of transactions in which buyers are nonresident has shown an increasing trend over the past five years. /MONITOR /Periscopi/